If there is
anything that doesn’t change in this world, it’s the change itself. That’s why
no matter how hard it can be, we should always find a way to accept and live
with any change. This is what is happening with new technologies like
blockchain. Other than being the technology behind different digital
currencies, blockchain has enormous potential in different areas of our lives.
But, years since its introduction, many countries and governments are still
hesitant to incorporate this ground-breaking technology into the different
sectors of the economy.

There is some good news though! The popularity of cryptocurrency trading and other blockchain solutions are gradually becoming wider and wider. The beginning of 2018 saw digital currencies being firmly established in the territories of several countries. In Japan, for instance, the Japanese Yen is used widely for Bitcoin (BTC) trading. Moving over to Switzerland, a Swiss bank Hypothekarbank Lenzburg now offers their services to selected crypto and blockchain companies. This is in a bid to promote the development of current financial technologies in the country.

Another country
that is bolstering the development of blockchain is Malta. Also known as the
blockchain island, Malta was the first country where a decentralized stock
exchange and bank were established. This was after Binance, one of the most
popular crypto exchanges launched its office in the country. Malta has since
received tremendous growth for different ICOs and blockchain projects.

How Taiwan is Creating a Blockchain
Island

In Taiwan, the
government recognizes that the blockchain technology has the potential to
transform the island’s economic growth. The government, headed by Congressman
Jason Hsu is currently negotiating for friendly regulation for crypto and
blockchain startups. The country wants to integrate this technology on a
national level and promote its use on applications other than cryptocurrencies.

Who is Jason Hsu and How Does He
Plan to Transform Taiwan into a Blockchain Island?

Jason Hsu of Taiwan is a prime example of a radical promoter of blockchain
and cryptocurrency uses on Self-Regulatory Organizations (SROs). Before
joining politics, he worked in the office of the prime minister as an advisor
focusing on implementing innovation and technology-based policies. He became a
legislator in 2016 and focuses on technology even in his current role. He has
since helped formulate legislation related to cybersecurity, digital economy,
and autonomous vehicles among others.

Jason believes
that laws should be amended to accommodate technology disruption and its impact
on our daily lives. He also believes in creating a conducive environment where
ideas can be analyzed and incorporated into the current ecosystem.

Jason Hsu is
currently focused on remodeling his country into a blockchain island. He
intends to do this by bridging the disparity between technology and public
policy. By so doing, Jason will be removing the legal barriers to technological
advancement in Taiwan.

As a congressman,
Jason drafts legislation that promotes and encourages blockchain and financial
technology. He has since published a number of draft recommendations aimed at
helping crypto start-ups in the country. He also helped formulate and pass the
Financial Technology Experimentation and Innovation Act, a historic bill that
welcomed a new era for the country’s fintech industry.

How is the Sandbox Bill Useful?

Approved in
December 2017, this Regulatory Sandbox Bill allowed certain crypto and
blockchain companies to operate for a period of one year without any regulatory
risks. In a way, the bill was a message that the country welcomes crypto and
blockchain. It is this bill that earned Jason Hsu the title “Crypto Congressman.”

It is clear that
countries around the world are realizing that blockchain has significant
economic potential and are working hard to advance its adoption. Cryptocurrency
and blockchain technology are now being implemented in different areas of the
economy including healthcare, finance, quality assurance, global payments,
energy supply, and supply chain management among others. Indeed, the sky is the
limit with this technology.

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If there is anything that doesn’t change in this world, it’s the change itself. That’s why no matter how hard it can be, we should always find a way to accept and live with any change. This is what is happening with new technologies like blockchain. Other than being the technology behind different digital currencies, […]

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